Europe

Animal healthcare company Huvepharma has opened the books on its €463m IPO on the Amsterdam Stock Exchange.

The European Banking Authority has published guidance on environmental, social and governance risk that illustrates an overriding need for transparency. It comes as Jyske Realkredit becomes the first bank to disclose information on its green mortgages under the European Covered Bond Council’s newly set up Energy-Efficient Mortgage Label initiative.

Austria’s Oberbank issued its first green covered bond on Thursday under its newly established green framework. Consistent with recent deals, the transaction was priced 2bp inside the initial spread with a 2bp new issue concession as investors showed once again that they are sensitive to price.

ING Turkey, a subsidiary of the Dutch banking group, has signed an ESG-linked syndicated loan, making it the latest Turkish lender to embrace labelled debt, a trend that bankers insist is motivated by a commitment to sustainability and not simply an attempt to lower pricing.

Burcu Korkut, an experienced EMEA emerging markets fixed income salesperson, is leaving Credit Suisse for a leading role at Barclays.

Morgan Stanley managing director Tobias Åkermark is leaving the US firm to become head of Nordic banking and country CEO for Sweden at Barclays.

The global head of public sector origination at SEB will be moving to New York in September to lead the bank’s fixed income, currencies and commodities (FICC) business in the Americas.

The offshore renminbi (CNH) bond market saw a jump in action this week, with three issuers taking advantage of favourable issuing conditions to roll out deals. Addison Gong reports.

Round Hill Music Royalty Fund, the London-listed investment trust focused on song royalty streams, said on Thursday it intends to launch a share sale to finance its $120m forward pipeline of acquisitions.

The blockchain firsts in capital markets are coming quickly. DZ Bank is marketing a corporate Schuldschein that will run back office functions on a blockchain for the entire duration of the trade — the first time this has been done — while Société Générale’s subsidiary Forge is working on various permutations of trades to be issued using this form of distributed ledger technology. While blockchain tech is still in its infancy, it is set to disrupt capital markets, creating winners and losers.

The European Banking Authority has asked banks again to do everything necessary to eliminate “infection risk” from their balance sheets, as some lenders seek new ways to keep cheap forms of legacy capital in their liability structures.

The European Banking Authority has reiterated its cautious stance on sustainability-linked bonds (SLBs), arguing that coupon step-ups should generally be reserved for "incentives to redeem" under the rules for capital instruments and regulatory senior notes.